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Tim Cook is stepping down as Chief Executive Officer of Apple Inc., marking the end of a 15-year tenure that reshaped the global tech landscape.
John Ternus, Apple’s senior vice president of hardware engineering, will succeed Cook as chief executive. The transition comes just one week before the company’s latest iPhone launch event, where Apple is expected to introduce its first foldable phone in Cupertino.
During his 15 years as chief executive, Cook oversaw massive operational expansion, selling billions of iPhones, revolutionizing how products are built and sold, and becoming the first openly gay CEO of a Fortune 500 company. He also kept Apple’s loyal consumer base engaged as the company navigated major technology shifts.
“Apple is an iconic company,” said Nicolas Sauvage, president of TDK Ventures. “I think Tim Cook moved it to the next level of iconic.”
Sauvage, who has followed Apple throughout his career, said Cook’s leadership influenced countless tech executives.
“I think he’s managed to do something quite incredible, which is to get a device that you love, you keep using, but it always works, it’s reliable,” Sauvage said.
Under Cook’s management, Apple set financial records. Annual revenue quadrupled, billions of devices were shipped, and the company’s stock price rose 20-fold. Apple’s market value currently stands at $4.7 trillion, making it the world’s second most profitable company.
“His biggest legacy is taking over from Steve and then taking it in the direction that went from 300 billion to 4.7 trillion,” said Tim Bajarin, founder of Creative Strategies. “Nobody could be unhappy with that type of success.”
When Cook took over as chief executive following Steve Jobs, industry analysts questioned whether the Cupertino company would thrive or survive. Now, Cook steps aside as Apple enters the artificial intelligence era, handing leadership to Ternus.
“The next question really is, what’s Ternus gonna do?” Bajarin said. “The fact that he is a product guy and has product ideas makes us hopeful that we may see even new breakthrough products.”
Ternus, rather than Cook, is expected to take the stage next week to present Apple’s newest hardware lineup. The leadership shift leaves industry observers asking whether Ternus will face the same immense pressure following Cook’s historic run as Cook did when succeeding Steve Jobs.
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